Somerset Trust Co Increases Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Somerset Trust Co grew its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 4.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,268 shares of the oil and natural gas company’s stock after buying an additional 201 shares during the period. Somerset Trust Co’s holdings in Diamondback Energy were worth $736,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of FANG. Founders Capital Management grew its stake in shares of Diamondback Energy by 404.0% during the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after purchasing an additional 101 shares during the period. First Community Trust NA bought a new position in Diamondback Energy during the second quarter valued at approximately $26,000. Carolinas Wealth Consulting LLC raised its stake in Diamondback Energy by 67.1% during the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after purchasing an additional 55 shares in the last quarter. HHM Wealth Advisors LLC purchased a new position in Diamondback Energy in the second quarter worth about $40,000. Finally, Oliver Lagore Vanvalin Investment Group raised its holdings in Diamondback Energy by 109.7% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 260 shares of the oil and natural gas company’s stock valued at $52,000 after buying an additional 136 shares during the period. 90.01% of the stock is currently owned by institutional investors.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.48% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FANG. Wolfe Research initiated coverage on Diamondback Energy in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Evercore ISI reduced their price target on Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating for the company in a research report on Monday, September 30th. Benchmark lifted their target price on Diamondback Energy from $154.00 to $195.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. Piper Sandler decreased their price target on shares of Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. Finally, Johnson Rice downgraded shares of Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $209.50.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $193.75 on Thursday. Diamondback Energy, Inc. has a 12-month low of $145.70 and a 12-month high of $214.50. The company has a market capitalization of $34.55 billion, a P/E ratio of 10.92, a P/E/G ratio of 1.17 and a beta of 1.89. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. The business’s 50 day moving average is $187.17 and its two-hundred day moving average is $195.28.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating the consensus estimate of $4.51 by $0.01. The business had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The business’s quarterly revenue was up 29.4% compared to the same quarter last year. During the same quarter last year, the business posted $3.68 earnings per share. Analysts expect that Diamondback Energy, Inc. will post 18.97 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently announced a None dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th were paid a $2.34 dividend. This represents a yield of 1.9%. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date was Thursday, August 15th. Diamondback Energy’s dividend payout ratio (DPR) is 20.29%.

Diamondback Energy Profile

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. It focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.